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bchadwick

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tT
发表于 2011-7-11 19:13 | 只看该作者
I know this is the 3rd year that this will be potentially tested material, but i have never truly understood what exactly this concept is, can someone give me a fewl line run down, ideally explaining soft dollars and how they are related with ethics
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mcmc

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发表于 2011-7-11 19:13 | 只看该作者
okay thats pretty much what i thought, just one of those concepts that always seem to creep up in the exam, material the institute likes to test,
-thanks for the quick response

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Iginla2011

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发表于 2011-7-11 19:13 | 只看该作者
bp, please let me add this dimension to explain the complexity of this soft dollar arrangement.

I reside in Nigeria, where the the portfolio managers are the brokers as well. Most (if not all) the Asset Managers execute trades on the floor of the exchange using their own staff (who is the broker in this case).

Commission is regulated in Nigeria, and it constitute an income stream to the Asset manager firms.

I experience great dillemma reconciling the position of CFAI that brokerage belongs to the client!

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